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Prime Minister Abiy Ahmed (PhD) announced that Ethiopia has been granted a one-year grace period for debt repayments to China. This comes as the country works to finalize the restructuring of its debts.

In discussions with Chinese President Xi Jinping, Ethiopia was given a one year postponement of repayments until the restructuring process is complete, according to PM Abiy. He called it a “big achievement” for the country.

The Prime Minister revealed the development at the sidelines of the 2023 BRICS summit in Johannesburg, South Africa. Ethiopia was one of six nations, along with Saudi Arabia, Iran, Argentina and the United Arab Emirates, accepted into the BRICS group, which also includes nations like Algeria and Nigeria seeking to join.

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The one-year grace period will provide Ethiopia financial breathing room as it deals with its debt obligations to China. PM Abiy said he secured the relief following discussions with President Xi on the sidelines of the summit.

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